RICHAMSTERFAQ

Your safety is our priority

Frequently Asked Questions

Why choose us?

RICHAMSTER is a Ukrainian cryptocurrency exchange, founded by a community of crypto enthusiasts and developed by a team of professionals. Our goal is to create and grow a convenient and high-quality service where it is simple, profitable, and safe to buy and sell cryptocurrency. Why choose us?

What is Cryptocurrency?

Cryptocurrency is a type of digital currency that operates through peer-to-peer (P2P) payment systems without centralized control. Cryptographic methods and blockchain technology are used to secure the network and ensure its operation.

Blockchain is a distributed database that is copied across all network nodes. All information is recorded in blocks, which are added one after the other at certain time intervals. These blocks can store any information, but for cryptocurrencies, the main data are transaction details, fees, and the creation of new coins. A unique feature of the blockchain is that it is practically impossible to change: the data of each block depend on the previous one through hash sums. Any changes to one block would require changes to all subsequent blocks on all network nodes, making tampering with information extremely difficult and almost impossible.

A peer-to-peer, decentralized network, also known as P2P, is based on equality, where each network participant is both a client and a server. This allows the network to remain operational regardless of the number of available connections.

Cryptocurrencies typically have a fixed issuance formula, which is recorded in the first, so-called genesis block. It cannot be changed, and this is one of the reasons why Bitcoin has become so popular and reliable. If someone tries to change the issuance rules, a new chain of blocks will be created, called a fork, and coins in this chain will be invalid in relation to the main chain. However, changes in this data lead to the creation of alternative cryptocurrencies similar to Bitcoin but with their own formulas and rules.

How to register on the exchange?

how to register

To start trading on the exchange, you need to complete a simple registration. Fill in all the required fields: nickname, email, password, and its confirmation. Then check your email and confirm your account through the email you receive. The email will also contain a special PIN code for financial operations — store it in a safe place.

You can speed up the process by choosing quick registration via Google account. Please note that after creating a new account, withdrawals will be blocked for 72 hours. This is a security measure aimed at preventing fraud and money laundering.

How to deposit funds?

After registering, log into your account on the exchange. Go to the 'Balances' section and find the cryptocurrency you want to deposit. Click on the 'Deposit' button, choose the desired network for the transfer, and get the wallet address. Send the cryptocurrency to this address. The deposit will be credited after the required number of confirmations for the transaction is received, which usually takes about 1 hour.

how to register

If you need to deposit in fiat currency available on the exchange (UAH), you need to register on the fiat gateway geo-pay.net and pass verification. After that, you will be able to easily top up your exchange balance in hryvnia and transfer funds between different exchanges supported by the service.

how to register

How to trade cryptocurrency?

How to trade cryptocurrency?

  • After depositing funds, go to the 'Trade' section.
  • Select the desired trading pair, for example, BTC/UAH.
  • Enter the amount and price of the cryptocurrency you want to buy or sell in the corresponding fields, and confirm the transaction by clicking the 'Buy' or 'Sell' button.

If, when selling BTC, you set a price equal to the last price from the buy order book, the transaction will occur immediately, and you will receive UAH (provided there are enough funds in the buy order). If your price is higher than the current price, the order will be placed in the sell order book and will be executed when another user agrees to buy the coins at your price.

how to register

How to withdraw funds?

Withdrawal of currency is done in the balances tab, just like when depositing:

  • - Find the desired currency, click the 'Withdraw' button, specify the network, your address, and the withdrawal amount. Then confirm with the PIN code that was sent to your email during registration.
  • - Wait for the funds to arrive in your account. Requests are processed within an hour.
how to register
how to register

What fees are charged for transactions?

The exchange has a fee of 0.25% for all new accounts on any trading transactions.

There is an option to reduce the trading fee to 0% by purchasing trading statuses (a total of 25 levels) using the KUB exchange token.

  • - Withdrawal fees can be found in the table via the link on this page! (https://richamster.com/rates/)
how to register

How to protect your account?

Create a strong password: make sure your password is complex and do not share it with third parties. For secure storage, use password managers or write down passwords in a special notebook that can be kept in a safe. This will also help simplify the transfer of your savings to relatives via a will.

how to register

Remember the PIN code: the code you received during registration is an additional security measure. Even if attackers gain access to your account, they will not be able to withdraw funds without this PIN code.

how to register

Enable two-factor authentication (2FA): this will add an additional layer of security, requiring you to enter a code from your phone or app during every account login.

how to register

Complete KYC (Know Your Customer) verification: this identification process protects against fraud and illegal activities. To do this, you need to provide documents that verify your identity.

how to register

What if I forgot my password?

Click the 'Forgot password' button, enter your email address, and follow the instructions in the email to create a new password for your account. It's important to make sure you have access to your email for password recovery.

If you lose your PIN code, contact the administration via the following contacts:

What is RCH?

RCH is tokenized shares of the exchange, issued in the amount of 400,000, and are traded on the exchange in currency pairs with USDT, UAH, KUB, and BTC.

What is KUB Token?

KUB Token - the operational currency of the RICHAMSTER exchange, created in 2019 based on the Waves blockchain platform with a limited emission. It plays a key role in the exchange ecosystem and is used for various functions.

Main uses of KUB Token:

1. 1. Activation of trading statuses: Users can reduce trading fees and receive other benefits by activating special statuses using KUB tokens.

1. 2. Trading statuses allow users to receive bonuses and gifts from the exchange, withdraw referral commissions, and transfer funds between accounts within the exchange.

2. Payment for tournament participation: KUB is used to purchase BattlePass/GoldBattlePass tickets for participation in the annual traders' tournament. Learn more here https://richamster.com/tournament-2023/

3. Listing of new coins: KUB tokens are used for payment when registering applications and voting for the listing of new coins and tokens on the exchange.

KUB Token smart contract on the Waves Platform blockchain: 4uvPwbQB1qb5FPjWjfeBRRQujks3sj9MhXi3cgQCR9Yk

Token type: Non-reissuable.

Maximum number of tokens: 500,000 KUB

Analytical data on CoinPaprika: Richamster Token KUB

Cold and Hot Wallets

Cold and hot wallets are two types of cryptocurrency wallets that differ in storage method and security level.